Article: Arm the COP on the Bank Beat

What Pelosi intends isn't clear. She congratulated Rep. John Larson, a member of the House Democratic leadership, for his legislation calling for an independent bipartisan commission. But Larson's bill doesn't make clear provision for subpoena power. And it calls for the commission to report back in 90 days, an impossible deadline that would provide clear incentive for every target to run out the clock. The relevant committee chairs, Sen. Chris Dodd and Rep. Barney Frank, appear unenthusiastic, preferring to get onto reform and hold hearings themselves.

Will Congress set up a special committee or an independent commission, armed with subpoena power, led by a fiercely independent counsel, to hold very public hearings into the roots of the crisis, exposing the crimes and follies of Wall Street? Or will it continue to leave the cop on the bank beat disarmed?

Cynicism is easy. The Wall Street "financial services" sector has been by far the largest contributor in every U.S. election cycle for the last 20 years, according to the Center for Responsive Politics. Individual and political action committee donations from Wall Street in 2007 and 2008 totaled $463.5 million, compared with $163.8 million from the health-care industry and $75.6 million from energy companies.

But now the follies of finance have devastated not just Wall Street but families across this country and the world. As Pelosi says, Americans are angry. We want to know what happened. We want those responsible to be held accountable and we want to make certain it can't happen again.

Will Congress step up? Whether we get this right will depend upon a citizenry outraged enough to demand the congress create an independent investigation with the charter, the capacity, and the sheer chutzpah to expose how Wall Street drove us off the cliff.

© 2009 truthout

Next Page 1 | 2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).